If you are looking to cash out your bitcoins, you must know that it is not as straightforward as buying them. Selling bitcoins online can be done through an exchange, peer-to-peer transaction, or direct trade. You can also withdraw flat money using a Bitcoin ATM or sell bitcoins yourself. Read to know how to sell bitcoins:
Exchanges
In terms of Bitcoin trading, exchanges are a one-stop solution. Many investors sell bitcoin in Canada with Quebex. When selling bitcoins, exchanges act like an intermediary that holds the funds of both the seller and buyer. You must create an account with your chosen exchange. Most exchanges will require complete identity verification and a connected bank account through which you can withdraw the funds. Once you have an account, you can start posting your intention to sell your bitcoins. The exchange will complete the transaction if somebody matches your offer. Keep in mind that you will have to pay the exchange a fee for their service. Also, the majority of exchanges have a limit on the amount of money you can store. But, it is important to remember that exchanges are prone to hacker attacks.
Direct Trade
Bitcoins can also be sold through direct trade with another person. A lot of websites often associated with exchanges offer this service. With this selling option, an intermediary facilitates the connection. You will have set up your profile and verify your identity. After registering, you can post an offer that indicates your intention to sell bitcoins. Make sure to your homework before you decide on a trading platform.
Peer-to-Peer Trading
The peer-to-peer trading marketplace works as a platform that brings together people with different, but complementary needs. It is designed for the mutual benefit of those who want to purchase bitcoins with their credit card and those who want to spend them on purchasing goods from places that do not accept digital currencies. Websites that facilitate the service offer users an escrow service for the transaction and a wallet for storing bitcoins.
Aside from online peer-to-peer trading, you can also sell bitcoins in person. You just have to sell your bitcoins by scanning a QR-code on somebody’s phone and get cash on the spot.
Bitcoin ATM
A Bitcoin ATM is connected to the internet to facilitate Bitcoin transactions. It can accept money in cash and exchange it to bitcoins provided as a paper receipt with a QR-code on it. But, Bitcoin ATMs are not easy to locate and tend to charge high fees.
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